23 August 2022
Eastern Africa
Dire Dawa, Shinle, Hawassa Inaugurate Companies
Three companies that were engaged in automotive assembly, bottled water production, and food manufacturing were inaugurated last week. Read More

Mobile Phone Application for Fuel Payment Launched
A mobile phone application called Nedaj was launched on Saturday after an agreement was inked between the Commercial Bank of Ethiopia and EagleLion Systems Technology Company.  Read More

Uganda to Refund Kenya 60mw of Electricity Supplied Last Week
Uganda will pay back Kenya in kind the electricity that Kenya Power supplied it last week following a power disruption in one of their dams that created a deficit in demand.  Read More

Full Capital Headache for Banks
Commercial banks are entering the final quarter in which they are allowed a waiver from higher capital requirements under a more conservative accounting standard that was introduced in 2018. Read More

Toyota Sells Stake in Kenya IT Firm After Row With State
A unit of Japanese multinational Toyota has sold its stake in Kenyan information technology firm Seven Seas Technologies after the company went into a legal fight with the government over a KES 4.7 billion contract. Read More

US Diaspora Remittances Drop
Diaspora remittances from the United States have fallen by a monthly average of three percent this year, reflecting the sharp cost of living in the world’s largest economy which has cut the disposable income available to Kenyans for support of relatives back home.  Read More

Rwanda, Norway Launch Coalition to End Plastic Pollution By 2040
The Governments of Rwanda and Norway have launched the High Ambition Coalition to end plastic pollution.  Read More

Why Rwandan SMEs Should Harness the Power of E-Commerce, Digital Communication
The Rwandan small and medium-size enterprises ecosystem is the most important factor in the economic activities of the country through delivering goods and services, in addition to job creation.  Read More

Rwanda Targets Over USD 350 Million Tourism Revenue in 2022
Rwanda is set to generate up to USD 360 million in revenue from the tourism industry in 2022, according to Ariella Kageruka, Head of the Tourism and Conservation Department at the Rwanda Development Board.  Read More

Mwanga Hakika Microfinance Graduates to Commercial Bank
Mwanga Hakika Microfinance Bank has graduated from a commercial bank, giving it a chance to broaden the scope and type of services on offer. Read More

Kasanga Port is Set to Open a New Investment Window
The new Kasanga port which nears completion would be a game changer for the economies of the regions and countries surrounding the port facility as it will attract domestic and foreign investments thus opening up jobs and trade opportunities in the areas. Read More

Tanzania-Pakistan Trade Volume Passes USD 220 Million
Tanzania and Pakistan’s trade volume rose to USD 223 million in June 2022 from USD 163 the same month last year, according to Acting Commissioner, Charge de’ Affairs at the Pakistan Embassy in Dar es Salaam. Read More

Coffee Farmers to Earn 700 Million This Season
The Farmers Kilimanjaro Coffee Company is set to facilitate the sell 62,300 kilograms of coffee in the domestic and foreign markets worth over TZS 701.32 million (approx. USD  298,759.37) in the 2022/2023 crop season.  Read More

Government to Install ‘Free’ Wi-Fi Hotspots Across Uganda

The government will install 2,000 Wi-Fi hotspots across Uganda in a move that will extend internet access in far-flung areas. Read More

Report Finds the Performance of AfDB-Funded Projects Weak
A report by the African Development Bank has found that economic returns on completed investments supported by the bank were limited and unsatisfactory. Read More

Local Government Generate UGX 50 Billion from Property Tax Annually
At least UGX 50 billion (approx. USD 12.9 million) has been generated from Property Tax annually outside Kampala Metropolitan Area, details from the Local Government Finance Commission indicate.  Read More

Insurance Defies Economic Slowdown to Record Growth
Insurance premiums grew to UGX 711.7 billion (approx. USD 183 million) in the first half of 2022 shored up by improved performance in non-life premiums.  Read More
Northern Africa

Egypt is in The Final Stage of Talks with IMF on New Funding

The Egyptian government is in the final stage of talks with the International Monetary Fund on new funding, Prime Minister Mostafa Madbouli said during the Logos Coptic Youth Forum on Monday. Read More

EBRD's Financing Can Exceed EUR 1 Billion This Year in Light of COP27
The European Bank for Reconstruction and Development's financing in Egypt may exceed 1 billion euros this year in light of Egypt's hosting of the climate change conference in November, said Managing Director for the EBRD’s Southern and Eastern Mediterranean region Heike Harmgart. Read More

Egypt launches ClimaTech RUN 2022 initiative
Ministries of International Cooperation, Environment, and Communications held an event Monday to launch the global initiative “ClimaTech Run 2022”. Read More

Egypt Invests EGP 130 Million to Meet the Rising Demand for E-Signature Services
CEO of Egypt’s Information Technology Industry Development Agency; Eng. Amr Mahfouz stated that the agency has invested EGP 55 million (approx. USD 2.9 million) in the last three years to upgrade the operating systems of the Egyptian Root Certificate Authority and to develop human capabilities. Read More

Morocco’s OCP Group, UM6P Partner with Rainbow Rare Earths
British mining company Rainbow Rare Earths has announced the signing of a “Master Agreement” with Morocco’s phosphate and fertilizer giant OCP Group and Mohammed VI Polytechnic University to “further investigate and develop the optimal technique for the extraction of rare earth elements from phosphogypsum.” Read More

Morocco Launches Training Session on Nuclear Safety for African Countries
As part of its cooperation program with the International Energy Agency, Morocco’s Agency for Nuclear Safety is launching the third training session on nuclear safety for nine African countries. Read More

Marrakech Hosts the 13th Africa Public-Private Partnership Conference in October
Marrakech will host the 13th edition of the Africa Public-Private Partnership, Africa PPP, from October. The Africa PPP Conference, held under the theme of “Accelerating Project Delivery and Partnerships,” features certified training on PPP and a 2-day conference. Read More
Southern Africa
Millennium Challenge Corporation approves USD 350 Million for Malawi’s 2nd Compact
The board of directors of the Millennium Challenge Corporation has approved a USD 350 million (approx. MWK360 billion) package for Malawi’s second compact, Finance Minister Sosten Gwengwe has said.
Read More

Government Dangles USD 3 Million to Commercial Farmers
Commercial farmers can now easily access start-up credit or working capital from local commercial banks under the recently launched USD 3 million Partial Credit Guarantee Scheme by the government. Read More

Expert Speaks on Mining Potential
Mining expert, Grain Malunga, has recommended increased financing, vacancy filling, and quick establishment of state-owned companies in the mining sector to propel growth. Read More

Mozambique Relaxes Entry Visa Policies to Boost Investment and Tourism
Short-term tourism and business visa’s validity extended to 90 days; five-year temporary residence visa granted for investments over USD 50 million. Read More

Cotton Council Hails Genetically Modified Cotton Impact
The Cotton Council of Malawi has hailed the introduction of genetically modified BT Cotton as a game-changer to the cotton industry in Malawi. Read More

South Africa
Eskom, CPUT join Forces to Reskill Workers as Coal-Fired Komati Heads for Reboot
Eskom has signed an agreement with the Cape Peninsula University of Technology for reskilling workers at the Komati power station, which is due for decommissioning at the end of September. Read More

Proposal for South Africa’s Unemployment Insurance Fund to be Overhauled 
The Congress of South African Trade Unions says that there are significant gaps in the Unemployment Insurance Fund, which is meant to support South African workers. Read More

South Africa’s Largest Retailer in Massive Energy Shift
The Shoprite Group says it will invest a further ZAR 3.5 billion in projects to reduce its environmental footprint, following the finalisation of sustainability-linked loans. Read More

Sasol Warns Carbon Tax could Prompt it to Scale Back Operations
Sasol, South Africa’s second-biggest greenhouse gas emitter, sees carbon taxes posing a “significant risk” to its business and warned current proposals could cause it to curtail operations and green initiatives. Read More

Construction of Katete Fruit Plant to be Completed Next Month
Katete District Commissioner Malan Zimba has disclosed that works on the construction of the Katete Fruit Processing plant are progressing well and all works will be completed in the next one month. Read More

Kaluba explains IDC Challenges, ‘Questionable Investments’ Made during His Reign
Former Industrial Development Corporation Group Chief Executive Officer Mateyo Kaluba says the challenge with the President being the corporation’s board chair is that almost everything the institution does is seen using political lenses. Read More

Government Commissions USD 38 Million Fuel Depot in Chipata
The government has commissioned a 7.08 million-litre fuel depot in Chipata, Eastern Province, which was built at a total cost of USD 38 million. Read More

Exchange Rate not the only Factor that Affects our Pricing – MultiChoice
Multichoice Zambia says although the exchange rate plays a part in influencing the costs of providing services, it’s not the only factor that affects the pricing of Pay TV services in the country. Read More
Western Africa
Pension Scheme Provides more Reward – SSNIT DG
The Director General of the Social Security and National Insurance Trust (SSNIT), Dr John Ofori-Tenkorang, has argued that the pension scheme provided more reward to clients than they invest during their days of active service. Read More

Standard Bank Affirms Commitment to Africa’s Development
The Chief Executive Officer, Business and Commercial Clients at the Standard Bank Group, Bill Blackie, has reiterated the bank’s commitment to the growth and development of the African continent. Read More

Vegetable Exporters Target USD 7 Million Revenue by 2023
Vegetable producers and exporters in the country are projecting annual revenue of USD 7 million between now and next year as a 7 million contribution to the non-traditional export sector. Read More

New Coorporative Law in Offing to Instill Modern Business Principles 
The Minister of Employment and Labour Relations, Ignatius Baffour Awuah, has called for a new cooperative law that will instill modern business principles in the cooperative system. Read More
Federal Government Refutes Dollarisation of Flight Tickets, Upward Review of Aviation Charges
The Federal Government, yesterday, refuted claims that international flight tickets had been dollarised, with foreign airlines allegedly rejecting the naira as the currency of sale. Read More

Technology will help SMEs to Increase Efficiency, says Cellulant Boss
Head of Small and Medium-scale Enterprise (SME) Sales, Cellulant Nigeria, Ademola Okuleye, said adopting technology would help small businesses to reduce operational costs, increase efficiency and optimise profits. Read More

Stakeholders Seek Investment in Culture to Revitalise Economy
With the yearly celebration of the Olokun festival in the western region and Edo State, stakeholders in the sphere have called for more investment to systematically transform the movement into an economic force that has the potential to revitalise the economy. Read More

SEC Secures Funding for Securities Market Surveillance
Problems associated with market infractions may become a thing of the past as the Securities and Exchange Commission has announced that it has obtained donor funding for acquiring and deploying a securities market surveillance system. Read More
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